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Pre-qualify for a loan
Being pre-qualified
for a loan determines how much house you
can afford. It also allows you to move
more swiftly when you find the right
house, especially when you aren't the
only interested buyer.
Shop for mortgage rates
and terms
A difference of even
half a percentage point can make a huge
difference in how much you pay over the
life of a loan. For example, the
difference in the monthly payment on a
$100,000 mortgage at 8 percent vs. 7.5
percent is about $35 per month. Over 30
years, that's $12,600.
Using a buyer agent
A buyer agent is
legally responsible for representing the
buyer's interest in a real estate
transaction. Generally, the buyer agent
is compensated by the seller at the time
you purchase a new home. There are some
limitations to using a buyer agent,
however. Before you decide, have a
Realtor explain the advantages and
disadvantages of using a buyer agent.
Features that help or
hurt resale value
In some areas, a
swimming pool actually detracts from a
home's value and makes the home harder
to sell. In neighborhoods with two-car,
attached garages, a single-car or
detached garage may impact the home sale
and future value. Your Realtor can point
out features that hurt, as well as those
that help, resale value.
Rate the houses you
tour
After touring each
home, write down what you liked and
didn't like. Develop a rating system
which will help you narrow the field
down to the house that's the best for
you.
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